Calamos Global - Global Convertible Opportunities Fund

Class A Shares
as of 4/16/2014
Price Change
US$ Accumulating $10.94 $0.08
US$ Distributing $10.10 $0.07
EUR€ Accumulating 8.47 0.06
GBP£ Accumulating £8.68 £0.06

A Global Defensive Equity Strategy

The Calamos Global Convertible Opportunities Fund is a global defensive equity strategy that seeks significant equity participation while aiming for greater downside protection than a pure-stock portfolio.

Defensive equity convertible strategies may be particularly attractive for investors who have a constructive view on the equity markets but remain concerned about the potential for continued downside volatility. This type of convertible strategy can mitigate the need to make the “equity timing decision.”

Convertible securities historically have provided downside protection thanks to the bond floor. A convertible strategy also receives coupon payments from the securities, so investors are essentially “paid to wait” for the equity market to advance. Investors can thus avoid selling into downward-moving markets with hopes of buying at the bottom. A convertible strategy offers investors time in the market at a comfort level that neither stocks nor bonds alone can duplicate.

Overview Performance Composition Distributions Other Info

Fund Objective

High long-term total return through capital appreciation and current income

Investment Strategy

  • The Fund offers a defensive approach to equity exposure by applying dynamic asset allocation on a global scale
  • The Fund attempts to maintain a consistent balance between risk and reward over the course of different market cycles by strategically investing across a combination of stocks, bonds and convertible securities
  • The Fund emphasizes countries espousing free-market principles

Investor Profile

This Fund may be suitable for investors who seek:

  • A risk-managed approach to pursuing growth opportunities around the world
  • A strategy designed to enhance return by providing broad global diversification with less volatility than typical stock-only investments

Investment Management Team

All of our funds benefit from the perspectives of our fully integrated investment team, led by Co-Chief Investment Officers, John P. Calamos, Sr. and Nick P. Calamos, CFA. John and Nick have managed assets together for 28 years; in our view, this shared experience provides consistency of process and uncommon stability. As in all of our funds, we seek to:

  • Maximize return while controlling risk
  • Protect principal during volatile investment markets
  • Maintain a long-term outlook and avoid short-term marketing timing
  • Create wealth by managing risk and reward through market cycles

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Calamos Global Convertible Opportunities Fund is a sub-fund of Calamos Global Funds PLC, an investment company with variable capital incorporated with limited liability in Ireland (registered number 444463). Calamos Global Funds PLC has been established as an umbrella fund with segregated liability between sub-funds and is authorized pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 as amended.

The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund's current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the prospectus for the Fund may be obtained by clicking here, or by contacting the local Paying Agent listed by jurisdiction, or through the Fund's Transfer Agent, RBC Dexia Investor Services Ireland Limited, listed at:

RBC Dexia Investor Services Ireland Limited
Georges Quay House
43 Townsend Street
Dublin 2
Ireland
Tel: (353) 1 440 6555

Important Fund Information
The Fund may invest up to 100% of its assets in foreign securities and in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

The Fund may invest in mid-size and small companies which present greater risk and higher volatility than investments in larger, more established companies, and in lower-rated securities, which may present greater risk than investments in higher-rated securities. This is because there is a greater likelihood that the company issuing the lower-rated securities may default on income and principal payments.

In addition to market risk, there are certain other risks associated with an investment in a convertible bond, such as default risk, the risk that the company issuing debt securities will be unable to repay principal and interest, and interest rate risk, the risk that the security may decrease in value if interest rates increase.

NOTES

Annualized Standard Deviation—A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. More generally, a measure of the extent to which numbers are spread around their average.

Debt/Capital—Measures a company's debt in relation to its total capital.

Beta—Is a historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.

MSCI® World Index—Is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region.

PEG Ratio (price/earnings ratio divided by earnings growth rate)—A lower PEG indicates that less is being paid for each unit of earnings growth.

ROIC (return on invested capital)—Measures an investment's growth prospects; measures the percentage earned on invested capital.

S&P 500 Index—Is generally considered representative of the U.S. stock market.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

Top 10 Holdings and Sector Weightings are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamosglobal.com.

Bond Credit Quality - Reflects the higher of the ratings of Standards & Poors Corporation; Moody’s Investors Service, Inc.; Fitch, Inc.; National Association of Insurance Commissioners (NAIC) as well as Calamos' proprietary credit scores and are adjusted to the scale shown. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.